If you’ve been running your business for a while, you may have started to consider printing your payroll checks in-house. You’ve heard of the many benefits to printing your own checks, but you want to make sure that you are making the most secure decision you can. The last thing you want is to run into any security issues because you didn’t have systems in place to foresee the issue before it arose.
With MICR printing solutions, you not only will have a peace of mind that the checks you are printing are fraud-proof, you will also cut time and costs from printing your payroll checks through a third party. Want to know how using both MICR software and hardware improves the payroll printing process? Here are all of the benefits of printing your payroll checks in-house with a MICR printing solution.
The Benefits of Using MICR Printing Solutions to Print Payroll Checks
You Can Print-On-Demand Payroll Checks at Any Location
By adding MICR check printing software to all of your locations, you no longer have to physically leave your business to collect paper paychecks from the bank. Going to the bank at the end of every pay period adds another unnecessary step that you can simply bypass by using a MICR printer in your business. With MICR printers, your team can print checks on-demand in remote locations without sacrificing security or control over the process.
Centrally-Located Activity Monitoring for Printing Payroll Checks
Let’s say you only need one location to house your payroll activity. With payroll check software, your team can monitor activities during the check issuing process at remote offices from one central location. By using a browser to access your software your local staff can print accounts payable and payroll checks in real-time without any delays.
Automated Reporting with Advanced Payroll Check Software
Since most MICR printers communicate with MICR software products in real-time, you should always know the status of your disbursements. Complete transaction visibility, electronic auditing, and full reporting make printing payroll checks easier with software that is both robust and easy to use.
Utilizing MICR software also makes the payroll check printing process simple to track and automate so you can see full visibility into the amount your business spends on payroll. This can help your management team strategically make better scheduling decisions and other business related decisions.
Eliminate the Risk of Fraud for Printing Payroll Checks
With payroll check printing software, your data is generally encrypted through the entire process: from the central location to the remote PC and all the way to the secure MICR printer, where printing payroll checks can happen quickly with a single printer pass. This level of security embedded in the software virtually eliminates the risk of check fraud associated with purchasing, handling, storing and securing pre-printed checks.
MICR Printing Solutions Cut Costs & Save Time
Using a MICR printing solution, your team gains cost and time efficiency. Because of the on-demand, remote printing capabilities, the need for expensive pre-printed checks - and the manual process of printing check stubs on pre-printed checks - is completely eliminated. But how exactly do you cut costs and time with printing your own payroll checks?
- You cut costs by not having to pay expensive check fees at the bank. By printing your checks on blank check stock in your MICR printing solutions, you eliminate third party check printing expenses.
With a secure, MICR printer, you also don’t have to worry about paying the bank fees associated with accidentally printing non-ISO compliant checks. What is a bank fee and why do some businesses have to pay this fee? A bank fee is a fee some businesses have to pay if their checks are illegible or do not meet the right check specifications. Businesses have to pay this because the payroll check they gave the employee did not go through the banking system correctly when the employee tried to deposit it. This fee does not fall onto the employee but the establishment that originally printed the check. To avoid unnecessary bank fees, it’s important to make sure that your check printing system is ISO compliant.
- You save time by not having to send an employee to travel to collect your payroll checks. This allows for the employee to do other tasks that have a higher value to your business, and you will no longer need to give travel reimbursements towards the employee who generally collects the checks.
How Your Business Can Get Started Printing Payroll Checks
At Source Technologies, we developed CheckPartner Enterprise software and combined it with our secure MICR check printers to create our secure accounts payable and payroll check software solution.
With our secure, cost-efficient software, printing payroll checks for your company will be faster and easier as you enjoy all of the benefits listed above. Connect with our team to see how you can schedule a live demo of our MICR printing solutions.